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1st LD-Writethru: Chinese shares close lower Wednesday

Xinhua, May 6, 2015 Adjust font size:

Chinese shares continued to drop after a sell off on Tuesday after warnings from authorities on market risks.

The benchmark Shanghai Composite Index went down by 1.62 percent to finish at 4,229.27 points. The Shenzhen Component Index fell 0.68 percent to close at 14,136.17 points.

However, the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, climbed 2.27 percent to end at 2,846.56 points.

Total turnover on the two bourses stood at 1.26 trillion yuan (205.89 million U.S. dollars).

The People's Daily, the flagship newspaper of the Communist Party of China, warned investors "not to forget risks in a bull market" on Monday.

The ship manufacturing sector led the decline, down by 4.31 percent. Shares of China Shipbuilding Industry Company Limited slumped 7.68 percent to 14.79 yuan.

Most heavyweights dropped. PetroChina dropped 3.08 percent to 12.61 yuan per share. Sinopec slumped 2.15 percent to 7.75 yuan per share. Endi